The phone is ringing, is it the bank? You might want to pick that up. There’s some new stuff coming and you need to know what is coming if you are a buyer and if you are seller.
First, what is coming:
2009 Will forever be known as the year of the Short Sale . 2007 and 2008 were known for Foreclosures. Heck REO (Real Estate Owned) became a household word. Amazing tales were told by buyers to their co-workers about the great deals they received from banks who they "stuck it too."
Short Sales are the "new" thing . Instead of pay the cost of going to foreclosure and sit on the property the banks are opting to take a slightly better deal and pass the savings on to you. There’s a wealth of information already on my site and others but the bottom line is that sellers are selling their home below what they owe and if you are selling your home, it’s going to be tough to compete. My advice:
WAKE UP!
Price it right, price it aggressive, because this market has some gas left in the tank and we’re still along for the ride.
What else?
FDIC. You heard it hear first (maybe 2nd, but who’s counting) FDIC homes are about to hit the market. These homes are from banks that went under and there is no margin on these homes, it’s LIQUIDATION! Meaning, if I get $5 for a home I’m getting $5 more than I would have gotten holding on to it. Meaning, super low prices. Investors should contact me immediately, but .20 cents on the dollar will be the norm.
What does this mean?
Essentially, if you are a seller it means… SELL NOW, SELL LOW or HOLD ON AS LONG AS YOU CAN!
Buyers … wait just a second. Regular buyers need to hold on just one second. Reading all of this doesn’t mean you need to go pop the popcorn for your fence sitting. Nope. It means buy now! The deals are coming and going fast and furious. A+ deals are gone in 24 hours, A deals 2 weeks, B deals 30 days and everything else is sitting. So if you see something JUMP on it. I’ll even give you permission to fib a little bit about it at work like all your co-workers are doing.
What about those FDIC homes?
Most of these will be bought by investors in bulk. You’ll likely see what is left. They’ll be like HUD homes. You’ll want a specialist…. like the Jarvis Team that knows how to handle the transaction. The savings won’t be as readily apparent as their overall effect on the market will be.
My advice to buyers:
- BUY NOW or..
- GET YOURSELF READY TO BUY IN THE NEXT 6 MONTHS
REAL ESTATE IS ON SALE… BUY SOME!
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